Tesla shares plunged by 21 percent on Tuesday in the biggest one-day loss ever for the stock, CNBC notes. Tesla shares soared recently ahead of the electric-car company's recent 5-to-1 share split, with its market value surpassing that of some leading rival automakers, including Toyota and Volkswagen. But Tesla's fortunes reversed after the committee that adds companies to the S&P 500 index passed over Tesla on Friday, picking up e-commerce site Etsy and automatic test equipment maker Teradyne instead.
Many investors expected Tesla to make the cut this quarter after reporting its fourth straight profitable quarter in July. The stock dropped by 7 percent in after-hours trading on Friday after the news broke, and U.S. markets were closed Monday for the Labor Day holiday.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
June 1 editorial cartoonsCartoons Sunday's political cartoons include Donald Trump's golden comb-over, brain drain in America, and a new TACO presidential seal.
-
5 cartoons about the TACO tradeCartoons Political cartoonists take on America's tariffs, Vladimir Putin waiting for taco Tuesday, and a new presidential seal
-
A city of culture in the high AndesThe Week Recommends Cuenca is a must-visit for those keen to see the 'real Ecuador'
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
